8 Secrets to a Good Credit Rating

Posted by on July 20, 2019 in Stuff with 0 Comments

In a lot of ways, a good credit rating is like a good relationship, it’s a long-term commitment that takes a lot of work, and will sometimes get on your nerves. However, if you’re willing to put in the effort and time needed, you can make something great. Here is how you do it.

1) Don’t keep them waiting

Whether it’s a dinner night, a Netflix and chill night, or something else, it never looks good on you if you turn up late. Or at least, it doesn’t create the best impression. The same applies to a good credit rating.

A late payment, whether it’s for a mortgage, loan, phone bill, or even your credit card; or worse, a missed payment is a big no for anyone looking for a good credit rating.

2) Forget about your ex

When you’re out in the dating scene, you should be 100% over your ex. Your current relationship won’t go far if you’re still holding on to your past love. In a similar way, your relationship with lenders won’t go far if you’re still hung up on your past financial links.

So, if you’re no longer using it, ensure that the lender is aware that you are financially disassociated with them (in other words, you’ve dumped them). Keep in mind that to be fully financially disassociated means that both parties agree to end the relationship amicably (just as when a relationship ends cordially).

3) Build trust

Relationships are built upon trust – you trust each other to be kind, to be always there for each other, not to play away, and not to be annoying but to love one another anyway.

A relationship with lenders isn’t much different. With the lender, you can trust them to provide you with the credit you need, and they trust that you will pay it back as you should.

However, it takes the lender a bit of time to get there. You need to show them that you can be trusted. You do this be using the available credit products responsibly, or by paying your bills consistently on time.

4) Go steady

It all starts with getting to know each other well, a bit of flirting, and just maybe, a bit of birds and the bees. However, for a relationship to really work well, you probably want to settle down at some point – buy a ring, meet the parents, set a date for your marriage.

Lenders don’t like working with commitment-phobes. They want someone who have a landline and who have lived at the same address for a while. They want stability. They all like applicants whose details are consistent all through when make applications for credit. For instance, if you’re called Matthew, use the name as is consistently rather than interchanging with Matt.

5) We all make mistakes

In all relationships, it’s normal to make mistakes. And as with many mistakes, it’s always wise to tackle them head on. The same notion applies to your credit report. Lenders are not perfect, and some could share erroneous information about you to the Credit Reference Agencies (think of them as the guys who collect credit data), which would hurt your credit report.

The good news is that you can have the mistake corrected pretty easily, and improve your credit rating in the process.

6) It’s okay to fart, sometimes

Admit it, each one of us let one slip every now and then, which is okay. However, too many too often is a could easily turn your relationship sour. This also applies when applying for credit.

It’s okay to apply for different credit products every once in a while, but don’t do it too much. Otherwise, the lenders might think you’re desperate for credit, which is all it takes to get your credit rating to stink.

7) You won’t hear the end of it

Sometimes, we find ourselves doings something we shouldn’t do. Something that crosses the line. And while you might be able to forgive, you won’t necessarily forget.

This also applies to credit. Somethings will be very hard to bounce back from, such as bankruptcy, CCJs, and payday loans. So, it’s best to avoid them as much as you can. Should a payday loan be unavoidable try this new direct lender.

Keep in mind that some lenders will hesitate from giving you a mortgage if you ever had any of these things. They generally view it as poor money management.

8) Don’t forget the anniversary

In any relationship, some things are a no-brainer. You must do them. And when it comes to your credit rating, it’s a no-brainer to get on the electoral register. This helps to verify that you are who you say you are; making it an easy yet massive win for better credit rating.

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